Digitalizing Insurance: Indian End-Consumer Perspective

As digital transformation continues to change the way businesses operate and offer products and services to their customers, insurance industry is also getting reshaped by technology. This study explores how insurtech is transforming the way people interact with insurance, from buying policies to managing claims and renewals. By dissecting the insurance customer profiles, the report highlights the perception of people across various demographics towards digital insurance platforms, and the way they buy and use various services on these platforms. The report also focuses on the reinvention of the traditional insurance value chain, where every stage, from product development to customer engagement, embraces innovation. In this dynamic ecosystem, all entities, including insurance aggregators/brokers, technology providers, traditional insurers, insurtech startups, and government bodies play key roles. Hence, nasscom has put forward a set of recommendations for these entity types to guide them in seizing opportunities, addressing challenges, and strengthening the digital insurance ecosystem. The data-backed insights in this report can offer a clear understanding of insurtech's future in India.